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Bitcoin soars above $48,000, asserts crypto market dominance

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Bitcoin soars above $48,000, asserts crypto market dominance By Proactive Investors

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Published Feb 12, 2024 10:08

© Reuters. Bitcoin soars above $48,000, asserts crypto market dominance

Proactive Investors – Bitcoin (BTC) closed above the $48,000 barrier for the second time in 23 months on Sunday, marking a return to form for the world’s largest cryptocurrency.

The BTC/USD pair closed the session at $48,300, though early Monday trades sent the pair back down to the flat 48k mark as of 10am GMT.

Nonetheless, bitcoin is up nearly 13% week on week, a sharp u-turn from its surprisingly poor post-ETF approval performance.

One month after the US Securities and Exchange Commission (SEC) gave the nod to bitcoin-linked exchange-traded funds, the spot markets finally appear to be moving in the anticipated direction.

Ark Invest’s ARKB ETF became the latest bitcoin ETF to net more than $1 billion in assets under management, joining BlackRock’s iShare Bitcoin ETF (IBIT), the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Grayscale Bitcoin Trust (GBTC).

Though GBTC’s substantial outflows (over $6.3 billion per the latest data) have skewed the numbers, net inflows into the bitcoin ETF market currently exceed $2.2 billion, creating buying momentum on the spot markets.

Bitcoin dominance – a measure of its share of the global cryptocurrency market capitalisation – has surged higher as well, measuring 54%, up from 52.5% this time last week.

Though the second-largest cryptocurrency Ethereum (ETH) also had a bullish weekend, it suffered a 2% fall against the US dollar this morning.

Week on week, the ETH/USD pair is up a little over 10%.

In the wider altcoin space, Avalanche (AVAX) and Solana (SOL) have added high-single-digit gains over the past seven days, while BNB, Ripple (XRP) and Cardano have stuck to the mid-single-digit range.

The Dogecoin (DOGE) memecoin has underperformed, adding just 1%.

Read more on Proactive Investors UK

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Bitcoin soars above $48,000, asserts crypto market dominance

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